Guideline Value for Madhiazhagan Nagar Veenus Street

Madhiazhagan Nagar Veenus Street guideline value

The current guideline value for Madhiazhagan Nagar Veenus Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Mugappair village and falls under the Konnur SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Madhiazhagan Nagar Veenus Street has changed

The guideline value for Madhiazhagan Nagar Veenus Street has undergone several revisions over the years. In 2002, the guideline value was Rs 322 per sq.ft. This figure increased to Rs 354 per sq.ft in 2003, marking a 10% rise. The value saw a significant jump to Rs 800 per sq.ft in 2007, which was a 126% increase. By 2012, the value was revised to Rs 3,500 per sq.ft, reflecting a substantial increase of 338% from the previous revision. However, in 2017, it dropped to Rs 2,345 per sq.ft, representing a decrease of 33%.

In 2023, the guideline value rose to Rs 3,500 per sq.ft, and then it increased again to the current value of Rs 3,800 per sq.ft in 2024, which is a 9% increase. Overall, from 2002 to 2024, the guideline value has increased by 1080%.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO, with guideline values ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, indicating that the guideline value for Madhiazhagan Nagar Veenus Street is below this median.

• Madhiazhagan Nagar: Rs 3,800 per sq.ft (2024)
• Magaveer Nagar & Other Street: Rs 3,800 per sq.ft (2024)
• Magizhchi Colony: Rs 7,100 per sq.ft (2024)
• Manjakkuppam: Rs 3,800 per sq.ft (2024)
• Maraimalai Adigal Salai: Rs 5,500 per sq.ft (2024)
• Mariamman Koil Street 1,2 and 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Madhiazhagan Nagar Veenus Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total to Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Madhiazhagan Nagar Veenus Street?

The Madhiazhagan Nagar Veenus Street falls under the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Mugappair

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Mugappair, the guideline value helps in calculating the stamp duty and registration fees that need to be paid during the registration process.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements and to avoid any issues during the registration of the property. Understanding the guideline value can also help in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value for Madhiazhagan Nagar Veenus Street?

The current guideline value for Madhiazhagan Nagar Veenus Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 322 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 1080% over the years.

What is the land classification for Madhiazhagan Nagar Veenus Street?

The land classification for Madhiazhagan Nagar Veenus Street is Residential Class II Type - I.

What are the stamp duty and registration fees for a property in Madhiazhagan Nagar Veenus Street?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which Sub Registrar Office covers Madhiazhagan Nagar Veenus Street?

The Konnur Sub Registrar Office covers Madhiazhagan Nagar Veenus Street, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.